Is Hydrogen going to be Australia's energy future?
Team Veye | 08-Mar-2021
While the world is actively transitioning to a lower carbon economy, the potential of Hydrogen cannot be underestimated. The emerging interest in the hydrogen economy is on top now, particularly with US President, Joe Biden taking proactive interest immediately after getting elected.
The pursuit of a cleaner future is an endeavor with no end. Hydrogen has a key role as energy storage and transport medium that’s lighter and more efficient than batteries.
Renewable hydrogen will play a very important role in the clean economy of the future, offering a solution for reducing emissions in industries such as steel-making and long-range transport.
Many countries like Japan and South Korea have already set strong hydrogen targets and have the potential to be significant export markets.
With the large potential for renewable energy, large fossil fuel resources, and good potential CO2 storage sites, Australia is well placed to become a major producer of hydrogen for domestic use and as an export industry.
South Australia is already an international leader in renewable energy and storage, sourcing over half of its electricity from wind and solar. It is also home to Australia’s largest battery.
According to InterContinental Energy Managing Director, green hydrogen offered a much bigger opportunity than renewable power, as it could decarbonise several industries that rely on oil and gas, such as shipping, aviation, manufacturing and chemicals.
Now the only thing that remains to be seen is that how rapidly demand for green hydrogen grows. If things start moving at the desired pace, Australia should be, and one would assume could be, the Saudi Arabia of green hydrogen.
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